Oil and Gas Industry

It is a pleasure to serve under your chairmanship, Mr Hollobone. I congratulate my hon. Friend the Member for Falkirk (John Mc Nally) on introducing what is clearly a timely debate, given that the Budget is forthcoming. As he rightly said, that Tory Budget cannot undermine the future of the oil and gas industry by once again using the North sea as a cash cow—terminology that was effectively recognised even by the hon. Member for Ayr, Carrick and Cumnock (Bill Grant), who acknowledged the £350 billion that the UK Treasury has accrued over the lifetime of the oil industry. That money has simply been frittered away.